versace bought | who owns Versace now

The world of high fashion is a whirlwind of creativity, ambition, and, of course, acquisitions. The latest ripple effect in this ever-changing landscape sees the iconic Italian luxury group Versace poised to change hands, with Prada, another titan of Italian fashion, reportedly nearing a deal to acquire it from Capri Holdings for approximately €1.5 billion ($1.6 billion). This potential sale prompts a cascade of questions, primarily revolving around the ownership and future direction of the Versace brand. Who owns Versace? Who runs Versace today? What will this acquisition mean for the brand's legacy? This article delves into the complex history of Versace ownership, its current structure, and the potential implications of a Prada takeover.

A History of Versace: From Family Legacy to Capri Holdings

To understand the significance of this potential acquisition, it's essential to understand the history of the Versace brand. Gianni Versace, a visionary designer with a flamboyant aesthetic, founded the company in 1978 in Milan. His designs, characterized by bold colors, daring prints, and a celebration of sensuality, quickly catapulted Versace to international fame. The brand became synonymous with luxury, glamour, and the hedonistic spirit of the 1980s and 90s.

Gianni Versace's untimely and tragic death in 1997 sent shockwaves through the fashion world. The future of the company was uncertain. However, Gianni had meticulously planned for the succession. In his will, he bequeathed 50% of the company to his niece, Allegra Versace, upon her 18th birthday. His sister, Donatella Versace, received 20%, and his brother, Santo Versace, held the remaining 30%.

Following Gianni's death, Donatella Versace stepped into the role of Creative Director, a position she holds to this day. Santo Versace took on the role of CEO, managing the business side of the operation. This family leadership ensured the continuation of Gianni's vision and the preservation of the Versace brand identity.

For over two decades, the Versace family steered the company, navigating the challenges of the fashion industry and maintaining its position as a leading luxury brand. However, in 2018, a significant shift occurred. Capri Holdings, formerly known as Michael Kors Holdings, acquired Versace for $2.12 billion. This marked the end of the Versace family's direct ownership of the company, although Donatella Versace remained as Creative Director.

Who Owns Versace Now? Capri Holdings and the Question of Brand Synergiesversace bought

Prior to the prospective Prada acquisition, Capri Holdings owned Versace. Capri Holdings is a global fashion luxury group that houses other prominent brands, including Michael Kors and Jimmy Choo. The acquisition of Versace was intended to create a multi-brand luxury powerhouse, leveraging the strengths of each brand to achieve greater market share and profitability.

The strategy behind the Capri Holdings acquisition of Versace was to expand the brand's presence globally, particularly in emerging markets. The goal was to increase Versace's revenue to $2 billion annually and further solidify its position in the luxury market. Capri Holdings brought its operational expertise and financial resources to bear on the Versace brand, investing in its retail network, e-commerce platform, and marketing initiatives.

However, the synergies between Versace, Michael Kors, and Jimmy Choo proved less seamless than anticipated. While Versace continued to thrive as a standalone brand, the overall performance of Capri Holdings has been subject to scrutiny. The potential sale to Prada suggests a re-evaluation of the group's strategy and a shift in focus.

Who Runs Versace Today? The Enduring Influence of Donatella Versace

Despite the changes in ownership, Donatella Versace remains the driving creative force behind the brand. As Creative Director, she is responsible for overseeing the design and artistic direction of all Versace collections, from ready-to-wear to accessories and fragrances. Her vision shapes the brand's image and ensures its continued relevance in the ever-evolving fashion landscape.

Donatella Versace's influence extends beyond design. She is a powerful figure in the fashion industry, known for her strong personality and her ability to connect with celebrities and influencers. She has cultivated close relationships with numerous A-list stars, who have become ambassadors for the Versace brand. Her presence at fashion shows and red-carpet events is always highly anticipated, and her personal style is widely admired.

While the ownership of Versace may change, Donatella Versace's role as Creative Director is expected to continue. Her deep understanding of the brand's DNA and her ability to innovate while staying true to its core values make her an indispensable asset to Versace.

Who Owns the Versace Mansion? A Separate Entity with a Shared Legacy

The Versace Mansion, officially known as Casa Casuarina, is a separate entity from the Versace fashion brand, though its history is inextricably linked to Gianni Versace. Gianni purchased the Miami Beach mansion in 1992 and transformed it into a lavish showcase of his opulent taste. Following his death, the mansion was sold several times and is now a luxury boutique hotel and restaurant.

The Versace Mansion is a landmark in Miami Beach, attracting tourists and celebrities alike. Its iconic Medusa head logo and its extravagant décor serve as a reminder of Gianni Versace's legacy and his influence on the city's cultural landscape. While the Versace family no longer owns the mansion, its association with the brand remains strong.

Which Brands Does Versace Own? A Focus on the Core Brand